A key tool in developing a fantastic marketing campaign is the market research. Market research can be an invaluable process, and you can learn many things from it, from developing your company persona to your product image, and help build your sales. But do companies know how to set up a really great market research campaign? Do you know how to do it? Maybe you’re in the process of moving a business overseas and need to get to know the lay of the land. Market research will give you a fresh insight into how your business can be perceived, and if it’s not what you expected it to be, it gives you the opportunity to change it for the good of your business.
How do you conduct market research? The first way to approach the research is to find out what you actually want to know. Being as specific as possible is the best approach because trying to answer everything in one research campaign will result in general answers that mean nothing to your business. Ask yourself specific questions, such as “how does my target audience consume information?” or “is a new product attractive enough to get new customers?” The more you can nail down a specific goal, the more efficient your line of questioning.
Draft the questions based on the answers you think you will get. This means you are covered for as many eventualities as possible, and you can probe further into why someone doesn’t like something. If you can find the real reasoning behind a problem, it will be because you asked specific questions.
Choose the right groups of people to conduct your research. If for example, you are a company that works with finance in general, and you are after a sample of people who are struggling with their finances, and you need to know if you can help them, it’s those people who are important to how you develop and tailor your products. Acquiring a sample of credit repair leads in this circumstance is what you would need to do. The sample of the people is a vital aspect to how you conduct your research, and it is from those people that you will get the most useful answers. From locating the sample or type of person to conduct your research, you will find the best method to question them. If the sample is very heavily involved with social media, you would be better to use Twitter or Facebook to question them. If you have a group of clients that are very heavily engaged in email correspondence, then a detailed survey will work best for them.
Once you have gathered as much information as you can, it’s time to analyze the findings. Feedback falls into two categories, qualitative and quantitative. Quantitative is useful to gauge interest in a product or if there would be a need for a new product in your business and qualitative is likely to relate to feedback on an existing service. Market research is a great way to get feedback from your target audience, so if you are looking for new ways to market your product, or to get an understanding of where you may be going wrong, then it is a wonderful tool.